Australian shares are set to open higher. All three US benchmarks advanced with the S&P 500 and Nasdaq resetting records on another tech surge.
Australian shares are poised to rise, catching a global melt-up in equities. Nvidia, Apple and Microsoft were powering gains in New York.
“Earnings may remain healthy for some time, particularly if ongoing investment in technology continues alongside anticipation of future productivity growth. However, caution is warranted as lower-probability risks to growth have the potential to escalate from tail risks to higher probability downside scenarios. These include additional fiscal expansion or trade barriers in the US.”
Colas and Rabe also said the Nasdaq Composite has risen 80 per cent since December 28th, 2022 and yet it continues to underperform its average recovery off its four prior cycle lows.The rout in the ASX’s largest mining companies this year has created a “screaming” buy for some of the sector’s biggest investors.The broker has warned that the “best” phases for ASX returns is behind us and is urging investors to buy more defensive companies amid signs that returns are starting to falter.
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